Bitcoin Price Losses 6% To Tank Below $60K – Buy BTC Now?

3 years ago
  • Bitcoin price lost $1,000 in just five minutes on Wednesday morning to tank below the $60,000 psychological level.
  • BTC bears are eager to see the correction continue as they target $50,000.
  • Analysists say that Bitcoin will bullish even if it drops to $50,000 as bulls speculate gains towards $70,000.

Bitcoin price dropped $1,000 in just five minutes on Wednesday morning in a fresh dip that saw  the big crypto tank below the $60,000 psychological level.

According to data from CoinMarketCap, BTC has been down 6.05% in the last 24 hours having lost approximately 7.95% of its value over the last week.

The correction has tested support around $57,000, as the bulls appear determined to take the BTC price lower.

Moreover, the Relative Strength Index (RSI) is nose-diving away from the overbought region and its current position around 53.74 suggests that the bears have an upper hand and getting more aggressive. The RSI is also a trend following indicator and calculates the strength of the bulls and bears. As the RSI drops from the overbought area, it infers that sellers have more influence.

Nevertheless, the Bitcoin price might just be displaying a health correction that gives BTC advocates to buy lower as they speculate higher gains in the coming days.

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